According to the California Association of Realtors, rapidly rising U.S. mortgage rates and economic uncertainty slowed California home sales in September 2022.
Based on new data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 21, 2022, U.S. mortgage applications decreased 1.7 percent from one week earlier.
Based on new data by the California Association of Realtors, closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 313,540 in August 2022.
According to the California Association of Realtors, housing demand in California cooled further in July 2022, as the effects of rising interest rates and high home prices hit would-be homebuyers, dragging home sales below the annualized 300,000 benchmark level for the first time since May 2020.
According to the National Association of Home Builders, rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to U.S. housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022.
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